cbio-10q_20220331.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 000-51173

Catalyst Biosciences, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware

56-2020050

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

611 Gateway Blvd., Suite 710

South San Francisco, California

94080

(Address of Principal Executive Offices)

(Zip Code)

(650) 871-0761

(Registrant’s Telephone Number, Including Area Code)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		CBIO		NASDAQ

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 29, 2022, the number of outstanding shares of the registrant’s common stock, par value $0.001 per share, was 31,477,053.

CATALYST BIOSCIENCES, INC.

TABLE OF CONTENTS

		Page No.

PART I. FINANCIAL INFORMATION			3

Item 1.	Financial Statements:		3

	Condensed Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021		3

	Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2022 and 2021 (unaudited)		4

	Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2022 and 2021 (unaudited)		5

	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)		6

	Notes to the Unaudited Interim Condensed Consolidated Financial Statements		7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		14

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		21

Item 4.	Controls and Procedures		22

PART II. OTHER INFORMATION			23

Item 1.	Legal Proceedings		23

Item 1A.	Risk Factors		23

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		23

Item 3.	Defaults Upon Senior Securities		23

Item 4.	Mine Safety Disclosures		23

Item 5.	Other Information		23

Item 6.	Exhibits		23

Exhibit Index			24

Signatures		25

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

Catalyst Biosciences, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

	March 31, 2022			December 31, 2021
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	34,817		$	44,347
Short-term investments		—			2,504
Accounts receivable, net		564			1,818
Prepaid and other current assets		1,322			2,807
Total current assets		36,703			51,476
Other assets, noncurrent		472			472
Right-of-use assets		2,242			2,744
Property and equipment, net		857			970
Total assets	$	40,274		$	55,662
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	4,706		$	6,419
Accrued compensation		2,137			1,467
Deferred revenue		—			230
Other accrued liabilities		4,438			4,072
Operating lease liability		1,909			1,977
Total current liabilities		13,190			14,165
Operating lease liability, noncurrent		—			408
Total liabilities		13,190			14,573
Commitments and Contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized; zero shares issued and outstanding		—		—
Common stock, $0.001 par value, 100,000,000 shares authorized; 31,477,053 and 31,409,707 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively		31			31
Additional paid-in capital		444,283			443,752
Accumulated deficit		(417,230	)		(402,694	)
Total stockholders’ equity		27,084			41,089
Total liabilities and stockholders’ equity	$	40,274		$	55,662

The accompanying notes are an integral part of these condensed consolidated financial statements.

Catalyst Biosciences, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share amounts)

(Unaudited)

	Three Months Ended March 31,
	2022			2021
Revenue:
License	$	—		$	—
Collaboration		794			1,467
License and collaboration revenue		794			1,467

Operating expenses:
Cost of license		—			—
Cost of collaboration		798			1,480
Research and development		9,703			17,013
General and administrative		4,994			5,412
Total operating expenses		15,495			23,905
Loss from operations		(14,701	)		(22,438	)
Interest and other income, net		165			—
Net loss and comprehensive loss	$	(14,536	)	$	(22,438	)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.46	)	$	(0.79	)
Shares used to compute net loss per share attributable to common stockholders, basic and diluted		31,456,090			28,385,432

The accompanying notes are an integral part of these condensed consolidated financial statements.

Catalyst Biosciences, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share amounts)

(Unaudited)

	Convertible Preferred Stock				Common Stock				Additional Paid-In		Accumulated Other Comprehensive		Accumulated			Total Stockholders'
	Shares		Amount		Shares		Amount		Capital		Income		Deficit			Equity
Balance at December 31, 2021		—	$	—		31,409,707	$	31	$	443,752	$	—	$	(402,694	)	$	41,089
Stock-based compensation expense		—		—		32,684		—		515		—		—			515
Issuance of common stock from stock grants		—		—		34,662		—		16		—		—			16
Net loss		—		—		—		—		—		—		(14,536	)		(14,536	)
Balance at March 31, 2022		—	$	—		31,477,053	$	31	$	444,283	$	—	$	(417,230	)	$	27,084

SEC Form 10-Q filed by Catalyst Biosciences Inc.